What are the latest developments, development processes and industry development results of the current refining and chemical integration projects of leading private chemical fiber companies? What are the development trends and market conditions of the polyester and polyester industry in 2020? What key points need to be grasped for high-quality development and industrial upgrading of my country’s polyester and polyester industry? What value can financial instruments play in the development of real industries? How can funds from banks, securities, funds and other financial investment institutions be better invested in advanced manufacturing that benefits both supply and demand and has a “multiplier effect”?
On January 10, the China Polyester Polyester Industry Operation and Financial Institutions Exchange Conference (Liaoyang High-tech 2020)” was held in Beijing, where the above topics were discussed.
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This meeting is hosted by the China Chemical Fiber Industry Association and organized by the China Chemical Fiber Industry Association Polyester Filament Professional Committee, Polyester and Polyester Staple Fiber Professional Committee, Industrial The Filament Branch, the PTA Branch and the Liaoyang High-tech Industrial Development Zone Management Committee are jointly organized by He Yanli and Chen Xinwei, vice presidents of the China Chemical Fiber Industry Association, Duan Yanling, Secretary of the Hongwei District Committee of Liaoyang City, Tongkun Group, Hengyi Group, and Guowang Hi-Tech , Yizheng Chemical Fiber, Chuzhou Anxing and other polyester industry chain enterprise representatives, as well as representatives from China Development Bank, Industrial and Commercial Bank of China, China International Capital Corporation, and domestic related securities, funds and other financial fields attended the meeting.
The “race of kings” drives the polyester market concentration to increase again
Polyester polyester is the “big brother” among chemical fiber varieties. Among the huge total output of chemical fibers, polyester polyester accounts for nearly 80%, which shows its importance. Moreover, the overall market of polyester polyester The scale is still expanding. Against this background, the market situation of the polyester and polyester industry in the past year and the new trends in the development of large-scale polyester leading enterprises are naturally hot topics.
New production capacity Rapid expansion, led by large leading companies, has led to a further increase in industry concentration, which is a distinctive feature of the polyester and polyester industry in 2019. Relevant statistics show that in 2019, Tongkun Group and Xinfengming The six leading enterprises, Hengyi Petrochemical, Shenghong Group, Hengli Group and Rongsheng Petrochemical, have added a total of approximately 2.25 million tons of polyester production capacity.
He Yanli pointed out: “In recent years, the pace of structural adjustment, transformation and upgrading of China’s polyester and polyester industry, as well as the level of differentiated and functional processes and technologies, have continued to improve, and products are more in line with the actual needs of downstream industries. , and continues to maintain its leading position in the world. There are 34 enterprises with polyester polymerization capacity of 400,000 tons/year and above. The concentration of polymerization capacity of the top six enterprises in the polyester filament industry reaches 52%, which is higher than that of the ’13th Five-Year Plan’ The initial increase was 7.8 percentage points.”
Lu Chen, manager of the research department of China International Capital Corporation, pointed out: “2019 can be said to be the beginning of a new round of production capacity competition in the polyester industry. On the competitive track, It belongs to the ‘leading race’. Large leading companies are leading industrial investment and launching new projects. This is a distinctive competitive feature of the polyester market in 2019. Now, we can rarely see that we have not heard of it in the market before. Companies whose names have been mentioned are investing in new equipment. In the round of investment around 2015, new projects in the polyester market were basically in full bloom. Under the market conditions in 2019, which company will we focus our investment on? Who is the leader when the company’s production capacity is launched first? At the same time, we need to judge whether the company’s newly put into production capacity truly has a cost advantage, and the cost is determined by the technical level, the advancement of the new equipment, the scale of production capacity, energy consumption, Determined by comprehensive factors such as the level of integration.”
It is worth noting that in the process of rapid expansion of large leading enterprises, different enterprises have highlighted certain differentiated ideas.
Hengyi Group is a typical representative of rapidly expanding the scale of polyester through mergers and acquisitions and reorganization in the capital market. In this regard, Gao Lili, Financing Director of Zhejiang Hengyi Group Co., Ltd., said: “In the past few years, we have been equivalent to reinventing Hengyi. By operating in the capital market, we have rapidly expanded the scale of polyester production capacity. Hengyi has always been in the PTA field It is the leader, with an annual production capacity of 13.5 million tons, but previously, Hengyi’s annual polyester production capacity was only more than 1 million tons, which is an ‘inverted triangle’. Since China promoted the ‘supply-side structural reform’, Hengyi Group seized the opportunity to quickly integrate companies in the polyester industry that had certain technical capabilities but fell into bankruptcy due to broken capital chains. In order to acquire and merge suitable projects, Hengyi also joined forces with several companies to establish ‘Mergers and Acquisitions Funds’. Since 2017, Hengyi has rapidly increased its polyester production capacity by more than 4 million tons through acquisitions and mergers. In this way, Hengyi has achieved expansion at the fastest speed and at the lowest cost, and, we have acquired Partial polyesterSlow down. ”
In addition, judging from the development trend of the global commodity market, it is a common trend for the financial attributes of commodities to gradually increase. The upstream of the polyester industry is connected to commodities such as PTA and crude oil. In recent years, polyester Enterprises are increasingly paying attention to and using financial instruments. At this meeting, how physical polyester enterprises can better understand financial instruments and prevent financial risks is also one of the topics.
Chen Xinwei pointed out: “Financial services for the real economy are the main tone of the country’s financial policy. Currently, the polyester and polyester industry is in a critical period of ‘supply-side structural reform’ and transformation and upgrading. Innovative development through the integration of industry and finance is an effective way. ”
Data from the Zhengzhou Commodity Exchange shows that in 2019, the average daily number of investors participating in PTA futures trading reached 135,135, of which 3,254 were legal person investors, accounting for 60.71% of futures positions. The core function of the market is price discovery, discovering “forward prices”. At the same time, risk management and asset allocation through hedging are also important functions. The functions of the futures market include: providing tools to disperse and transfer price risks, and Provide reference basis for macroeconomic policy formulation.
“In the future, the market competition in the global petrochemical polyester industry will become more intense. China’s petrochemical polyester companies should first become familiar with this tool, and then Try to use futures as a financial tool to manage corporate business risks. ” said Guo Xiangming, senior manager of the non-agricultural products department of Zhengzhou Commodity Exchange.
The former “Northern Chemical Fiber City” rebuilt its advantages through refining and chemicals
The convening of this conference has allowed people in the industry to focus on Liaoyang. “One part of Liaoyang City is half of the history of Northeast China. “Liaoyang is located in the central part of Liaoning Province and belongs to the southern Liaoning region. In fact, Liaoyang Hongwei District has a deep connection with the chemical fiber industry. It is a new urban area developed in 1978 with the construction of the national large-scale enterprise Liaoyang Petroleum and Chemical Fiber Company. The development of polyester polyester, nylon 66, polypropylene and other varieties once flourished here, and therefore it was once known as the “Northern Chemical Fiber City”.
Liaoyang High-tech Zone was established in 1992 and is the capital of Liaodong Province. The Peninsula High-tech Industrial Development Zone and an important part of the Shenyang Economic Zone were officially promoted to a national-level high-tech zone by the State Council in November 2010. In 2007, the Liaoyang High-tech Zone was approved to build the aromatic hydrocarbons and fine chemical industry base of Liaoning Province; in 2010 In January, it was recognized as a national high-tech industrialization base for aromatics and fine chemicals by the Ministry of Science and Technology. On September 27, 2018, national leaders inspected Liaoyang Petrochemical Company at the first station in Liaoning and delivered an important speech to accelerate the development of state-owned enterprises and private enterprises. Economic innovation and development have pointed out the way forward. This has greatly boosted the confidence and determination of Liaoyang High-tech Zone to revitalize and develop, and Liaoyang High-tech Zone has also ushered in a new round of major historical opportunities for revitalization and development.
At this meeting, Duan Yanling gave a special report on “Regional Advantages of Liaoyang High-tech Zone and Development of Aromatic Hydrocarbons”. She introduced that Liaoyang High-tech Zone has distinctive industrial characteristics, mainly focusing on the petrochemical industry and the industrial aluminum profile industry. A modern industrial zone. Industry accounts for more than 80% of the total economic output of Liaoyang High-tech Zone and nearly 70% of Liaoyang City’s industrial economy. In 2019, the regional GDP is expected to be 25.1 billion yuan, and the industrial added value above designated size is expected to be 19.5 billion yuan. Yuan.
Duan Yanling pointed out: “In recent years, the Liaoyang Municipal Party Committee and Municipal Government have accelerated the construction of a modern economic system, promoted high-quality industrial development, and mobilized the city’s efforts to build an aromatics and fine chemical industry base with an output value of over 100 billion yuan. . Liaoyang Petrochemical is a national key project and was once one of the “four major chemical fiber bases” in my country. At present, Liaoyang Petrochemical’s 2 million tons/year PX can meet the demand for 2.4 million tons of PTA raw materials. In terms of ethylene glycol, if a PTA project is settled in Liaoyang and further produces PET and downstream products, Liaoyang Petrochemical can immediately apply to China National Petroleum Corporation to adjust the current ethylene reconstruction and expansion project product plan to ensure the supply of 600,000 tons/year of ethylene glycol. At that time, PX and ethylene glycol can be sent directly to the PTA plant through pipelines. Overall, the development of the Liaoyang PX deep processing project is in line with the country’s future fine chemical development strategy. ”
At the same time, judging from the overall development of the textile industry chain, Liaoyang and its surrounding areas also have a certain industrial foundation. The reporter learned that within a one-hour radius of Liaoyang, there are several regulated enterprises in the chemical fiber, textile, and printing and dyeing industries. There are 105 companies in total, and in 2018, their main business income totaled 5.462 billion yuan. Among them, there are 17 companies in Shenyang, with a main business income of 760 million yuan; and 23 companies in Anshan, with a main business income of 1.176 billion yuan. There are 13 companies in Fushun, achieving a main business income of 890 million yuan; there are 43 companies in Yingkou, achieving a main business income of 2.323 billion yuan; there are 9 companies in Liaoyang, achieving a main business income of 313 million yuan. In addition, Liaoning and Northeast Automobile Manufacturing The industrial and mining industries are developed, and polyester industrial yarns are mostly used in tire cords, mine conveyor belts, etc., and the market potential is huge.
“The chemical fiber market potential in Northeast China is huge. At present, most of Liaoning’s fiber and textile market is shipped north from the Jiangsu and Zhejiang regions. If Liaoning’s local raw materials are used for deep processing and the industrial chain is extended, the Northeast textile market will be gradually revitalized. “From Duan Yanling’s words, it is not difficult to feel Liaoyang’s current determination and confidence in reshaping its advantages in the petrochemical and chemical fiber industries.
In these words, it is not difficult to feel Liaoyang’s current determination and confidence in reshaping its advantages in the petrochemical and chemical fiber industries. </p
